• The Korean Journal of Financial Studies
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• v.3 no.1
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• pp.233-265
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• 1996

We examine the impact of public and private information on price movements using the thirty DJIA stocks and twenty-one NASDAQ stocks. We find that the standard deviation of daily returns on information days (dividend announcement, earnings announcement, insider purchase, or insider sale) is much higher than on no-information days. Both public information matters at the NYSE, probably due to masked identification of insiders. Earnings announcement has the greatest impact for both DJIA and NASDAQ stocks, and there is some evidence of positive impact of insider asle on return volatility of NASDAQ stocks. There has been considerable debate, e.g., French and Roll (1986), over whether market volatility is due to public information or private information-the latter gathered through costly search and only revealed through trading. Public information is composed of (1) marketwide public information such as regularly scheduled federal economic announcements (e.g., employment, GNP, leading indicators) and (2) company-specific public information such as dividend and earnings announcements. Policy makers and corporate insiders have a better access to marketwide private information (e.g., a new monetary policy decision made in the Federal Reserve Board meeting) and company-specific private information, respectively, compated to the general public. Ederington and Lee (1993) show that marketwide public information accounts for most of the observed volatility patterns in interest rate and foreign exchange futures markets. Company-specific public information is explored by Patell and Wolfson (1984) and Jennings and Starks (1985). They show that dividend and earnings announcements induce higher than normal volatility in equity prices. Kyle (1985), Admati and Pfleiderer (1988), Barclay, Litzenberger and Warner (1990), Foster and Viswanathan (1990), Back (1992), and Barclay and Warner (1993) show that the private information help by informed traders and revealed through trading influences market volatility. Cornell and Sirri (1992)' and Meulbroek (1992) investigate the actual insider trading activities in a tender offer case and the prosecuted illegal trading cased, respectively. This paper examines the aggregate and individual impact of marketwide information, company-specific public information, and company-specific private information on equity prices. Specifically, we use the thirty common stocks in the Dow Jones Industrial Average (DJIA) and twenty one National Association of Securities Dealers Automated Quotations (NASDAQ) common stocks to examine how their prices react to information. Marketwide information (public and private) is estimated by the movement in the Standard and Poors (S & P) 500 Index price for the DJIA stocks and the movement in the NASDAQ Composite Index price for the NASDAQ stocks. Divedend and earnings announcements are used as a subset of company-specific public information. The trading activity of corporate insiders (major corporate officers, members of the board of directors, and owners of at least 10 percent of any equity class) with an access to private information can be cannot legally trade on private information. Therefore, most insider transactions are not necessarily based on private information. Nevertheless, we hypothesize that market participants observe how insiders trade in order to infer any information that they cannot possess because insiders tend to buy (sell) when they have good (bad) information about their company. For example, Damodaran and Liu (1993) show that insiders of real estate investment trusts buy (sell) after they receive favorable (unfavorable) appraisal news before the information in these appraisals is released to the public. Price discovery in a competitive multiple-dealership market (NASDAQ) would be different from that in a monopolistic specialist system (NYSE). Consequently, we hypothesize that NASDAQ stocks are affected more by private information (or more precisely, insider trading) than the DJIA stocks. In the next section, we describe our choices of the fifty-one stocks and the public and private information set. We also discuss institutional differences between the NYSE and the NASDAQ market. In Section II, we examine the implications of public and private information for the volatility of daily returns of each stock. In Section III, we turn to the question of the relative importance of individual elements of our information set. Further analysis of the five DJIA stocks and the four NASDAQ stocks that are most sensitive to earnings announcements is given in Section IV, and our results are summarized in Section V.

• Journal of the Korean Geographical Society
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• v.40 no.3 s.108
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• pp.296-309
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• 2005

In this study, we investigated the change of future land-surface and relationships of land-surface change with geo-spatial information, using a Bayesian prediction model based on a likelihood ratio function, for analysing the land-surface change of the Gongju area. We classified the land-surface satellite images, and then extracted the changing area using a way of post classification comparison. land-surface information related to the land-surface change is constructed in a GIS environment, and the map of land-surface change prediction is made using the likelihood ratio function. As the results of this study, the thematic maps which definitely influence land-surface change of rural or urban areas are elevation, water system, population density, roads, population moving, the number of establishments, land price, etc. Also, thematic maps which definitely influence the land-surface change of forests areas are elevation, slope, population density, population moving, land price, etc. As a result of land-surface change analysis, center proliferation of old and new downtown is composed near Gum-river, and the downtown area will spread around the local roads and interchange areas in the urban area. In case of agricultural areas, a small tributary of Gum-river or an area of local roads which are attached with adjacent areas showed the high probability of change. Most of the forest areas are located in southeast and from this result we can guess why the wide chestnut-tree cultivation complex is located in these areas and the capability of forest damage is very high. As a result of validation using a prediction rate curve, a capability of prediction of urban area is $80\%$, agriculture area is $55\%$, forest area is $40\%$ in higher $10\%$ of possibility which the land-surface change would occur. This integration model is unsatisfactory to Predict the forest area in the study area and thus as a future work, it is necessary to apply new thematic maps or prediction models In conclusion, we can expect that this way can be one of the most essential land-surface change studies in a few years.

• Journal of Intelligence and Information Systems
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• v.22 no.4
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• pp.45-67
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• 2016

Given the recent development of smart devices, users are producing, sharing, and acquiring a variety of information via the Internet and social network services (SNSs). Because users tend to use multiple media simultaneously according to their goals and preferences, domestic SNS users use around 2.09 media concurrently on average. Since the information provided by such media is usually textually represented, recent studies have been actively conducting textual analysis in order to understand users more deeply. Earlier studies using textual analysis focused on analyzing a document's contents without substantive consideration of the diverse characteristics of the source medium. However, current studies argue that analytical and interpretive approaches should be applied differently according to the characteristics of a document's source. Documents can be classified into the following types: informative documents for delivering information, expressive documents for expressing emotions and aesthetics, operational documents for inducing the recipient's behavior, and audiovisual media documents for supplementing the above three functions through images and music. Further, documents can be classified according to their contents, which comprise facts, concepts, procedures, principles, rules, stories, opinions, and descriptions. Documents have unique characteristics according to the source media by which they are distributed. In terms of newspapers, only highly trained people tend to write articles for public dissemination. In contrast, with SNSs, various types of users can freely write any message and such messages are distributed in an unpredictable way. Again, in the case of newspapers, each article exists independently and does not tend to have any relation to other articles. However, messages (original tweets) on Twitter, for example, are highly organized and regularly duplicated and repeated through replies and retweets. There have been many studies focusing on the different characteristics between newspapers and SNSs. However, it is difficult to find a study that focuses on the difference between the two media from the perspective of supply and demand. We can regard the articles of newspapers as a kind of information supply, whereas messages on various SNSs represent a demand for information. By investigating traditional newspapers and SNSs from the perspective of supply and demand of information, we can explore and explain the information dilemma more clearly. For example, there may be superfluous issues that are heavily reported in newspaper articles despite the fact that users seldom have much interest in these issues. Such overproduced information is not only a waste of media resources but also makes it difficult to find valuable, in-demand information. Further, some issues that are covered by only a few newspapers may be of high interest to SNS users. To alleviate the deleterious effects of information asymmetries, it is necessary to analyze the supply and demand of each information source and, accordingly, provide information flexibly. Such an approach would allow the value of information to be explored and approximated on the basis of the supply-demand balance. Conceptually, this is very similar to the price of goods or services being determined by the supply-demand relationship. Adopting this concept, media companies could focus on the production of highly in-demand issues that are in short supply. In this study, we selected Internet news sites and Twitter as representative media for investigating information supply and demand, respectively. We present the notion of News Value Index (NVI), which evaluates the value of news information in terms of the magnitude of Twitter messages associated with it. In addition, we visualize the change of information value over time using the NVI. We conducted an analysis using 387,014 news articles and 31,674,795 Twitter messages. The analysis results revealed interesting patterns: most issues show lower NVI than average of the whole issue, whereas a few issues show steadily higher NVI than the average.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2018.11a
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• pp.225-227
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• 2018

This research paper examines the history and present of 'temporary passengers' prescribed in Paragraph 9 of Article 5 of the Ships Safety Act Enforcement Regulations and suggests improvement plans referring to the examples of legislation of other countries. In 2015, Ministry of Ocean and Fisheries made authoritative interpretation that Paragraph 9 of Article 5 of the Ships Safety Act Enforcement Regulations, which prescribes special cargo drivers such as agricultural, marine or livestock vehicles as temporary passengers, is applied only to passenger ships and not to cargo ships such including Ro-Ro cargo ships. As the authoritative interpretation of the Ministry does not agree with not only the traditional interpretational methodology but also the interpretational methodology that are commonly used today, it lacks logical basis and looks unpersuasive. Paragraph 9 of Article 5 of the Ships Safety Act Enforcement Regulations can be applied not only on passenger ships but also on cargo ships. Also in case of Ro-Ro cargo ships, it is logically contradictory and against fairness not to acknowledge special cargo vehicle drivers as temporary passengers when there is no problem with safe navigation and safety of passengers on board even when the sailor, the sailor's family and the ship owner may be acknowledged as temporary passengers. To avoid unnecessary disputes and lawsuits, improvement plans using theory of legislation through statutory reform is more desirable. Therefore, the P aragraph should be amended to "Supercargo who deals with cargo that requires special care due to the characteristics of the cargo, such as transportation vehicles for agricultural products, marine products, livestock, explosives or flammable materials (drivers can serve as supercargos)" to reflect the distinct characteristics of cargo and ship navigation in Korea including the current distribution system, while setting an objective standard based on common sense of ordinary people and not on arbitrary interpretation.

• Geophysics and Geophysical Exploration
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• v.10 no.4
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• pp.383-392
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• 2007

Karstic features and mining-related cavities not only lead to severe restrictions in land utilizations, but also constitute serious concern about geohazard and groundwater contamination. A microgravity survey was applied for detecting, mapping and monitoring karstic cavities in the test site at Muan prepared by KIGAM. The gravity data were collected using an AutoGrav CG-3 gravimeter at about 800 stations by 5 m interval along paddy paths. The density distribution beneath the profiles was drawn by two dimensional inversion based on the minimum support stabilizing functional, which generated better focused images of density discontinuities. We also imaged three dimensional density distribution by growing body inversion with solution from Euler deconvolution as a priori information. The density image showed that the cavities were dissolved, enlarged and connected into a cavity network system, which was supported by drill hole logs. A time-lapse microgravity was executed on the road in the test site for monitoring the change of the subsurface density distribution before and after grouting. The data were adjusted for reducing the effects due to the different condition of each survey, and inverted to density distributions. They show the change of density structure during the lapsed time, which implies the effects of grouting. This case history at the Muan test site showed that the microgravity with accuracy and precision of ${\mu}Gal$ is an effective and practical tool for detecting, mapping and monitoring the subsurface cavities.

• Journal of Intelligence and Information Systems
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• v.20 no.3
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• pp.77-92
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• 2014

Recently, numerous documents including unstructured data and text have been created due to the rapid increase in the usage of social media and the Internet. Each document is usually provided with a specific category for the convenience of the users. In the past, the categorization was performed manually. However, in the case of manual categorization, not only can the accuracy of the categorization be not guaranteed but the categorization also requires a large amount of time and huge costs. Many studies have been conducted towards the automatic creation of categories to solve the limitations of manual categorization. Unfortunately, most of these methods cannot be applied to categorizing complex documents with multiple topics because the methods work by assuming that one document can be categorized into one category only. In order to overcome this limitation, some studies have attempted to categorize each document into multiple categories. However, they are also limited in that their learning process involves training using a multi-categorized document set. These methods therefore cannot be applied to multi-categorization of most documents unless multi-categorized training sets are provided. To overcome the limitation of the requirement of a multi-categorized training set by traditional multi-categorization algorithms, we propose a new methodology that can extend a category of a single-categorized document to multiple categorizes by analyzing relationships among categories, topics, and documents. First, we attempt to find the relationship between documents and topics by using the result of topic analysis for single-categorized documents. Second, we construct a correspondence table between topics and categories by investigating the relationship between them. Finally, we calculate the matching scores for each document to multiple categories. The results imply that a document can be classified into a certain category if and only if the matching score is higher than the predefined threshold. For example, we can classify a certain document into three categories that have larger matching scores than the predefined threshold. The main contribution of our study is that our methodology can improve the applicability of traditional multi-category classifiers by generating multi-categorized documents from single-categorized documents. Additionally, we propose a module for verifying the accuracy of the proposed methodology. For performance evaluation, we performed intensive experiments with news articles. News articles are clearly categorized based on the theme, whereas the use of vulgar language and slang is smaller than other usual text document. We collected news articles from July 2012 to June 2013. The articles exhibit large variations in terms of the number of types of categories. This is because readers have different levels of interest in each category. Additionally, the result is also attributed to the differences in the frequency of the events in each category. In order to minimize the distortion of the result from the number of articles in different categories, we extracted 3,000 articles equally from each of the eight categories. Therefore, the total number of articles used in our experiments was 24,000. The eight categories were "IT Science," "Economy," "Society," "Life and Culture," "World," "Sports," "Entertainment," and "Politics." By using the news articles that we collected, we calculated the document/category correspondence scores by utilizing topic/category and document/topics correspondence scores. The document/category correspondence score can be said to indicate the degree of correspondence of each document to a certain category. As a result, we could present two additional categories for each of the 23,089 documents. Precision, recall, and F-score were revealed to be 0.605, 0.629, and 0.617 respectively when only the top 1 predicted category was evaluated, whereas they were revealed to be 0.838, 0.290, and 0.431 when the top 1 - 3 predicted categories were considered. It was very interesting to find a large variation between the scores of the eight categories on precision, recall, and F-score.

• Journal of the Korean Institute of Landscape Architecture
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• v.43 no.1
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• pp.16-28
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• 2015

This study is suggested to enlarge the green area and to connect and improve the present green areas by deriving the lines of community greenway using living areas and community spaces close to the life of residence in Nam-gu. The purpose of this paper is to suggest the method of establishing greenway for the formation of community in which the residence can grow the community spirit and love their living space much more. Land-use status, green coverage ratio, and impermeability paving ratio are investigated. The community facilities are classified. The highest is educational facility, which is 7.7%, the green facility is 1.9% and the total area of community facilities which is 21.4%. The total area of Nam-gu is divided into 31 zones in total according to the administrative districts, the mail roads and reserved land of railroad and urban development. The total 20 lines of community greenway lines are chosen and the total length of lines is 18.2km. Finally, the characteristics of community greenway lines are analysed, the characteristics of community greenway lines are overall estimated according to the land-use, the street environment and the community facility. The classification system of community greenway is established on the basis on the function and purpose of greenway, the present status of land-use and the type of community facility. Based on the field investigation, the 6 greenway types are suggested considering the interconnection. The method of establishment of community greenway is suggested according to the principle of function and purpose, the principle of land-use and the principle of use of the facilities. Furthermore, the planting methods suitable to each greenway type are suggested in the building planting case of wall planting, roof planting, veranda planting, etc., and in the complex planting of parks, schools, roads, parking lots and other small areas.

• Journal of the Korean Institute of Landscape Architecture
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• v.38 no.5
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• pp.1-11
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• 2010

The outdoor space of an elementary school is the most familiar and most educational area for children. A paradigm shift in education has demanded a new role and direction for these outdoor spaces. The construction of children-friendly spaces, however, lags behind. The child-participatory design process is very meaningful at a time when many outdoor spaces have difficulties in reflecting the varied and specific demands of children. This study realized the necessity for a design that includes a child-participatory design process in construction the outdoor spaces of elementary schools. Through reference study and a theoretical approach of related laws, this study established a child-participatory design process model and applied it to Seoul Don-Am Elementary School. The design process included playing games and providing interesting tools to increase the participation of children in suggesting and presenting their opinions more freely. The design process of this study is described in five steps(eliciting interest in and recognition of the target space, Understanding children's expectations and the expressing thereof, Establishing factors for planning, Visualizing and arranging spaces, and Decision-making and building a final design plan). This process was applied to the planning and design of an outdoor space for Seoul Don-Am Elementary School. In this study, it is clear that the design of the participators and experts have a different purpose. Thus, the process of the design has more meaning than the final product. In addition, it is expected that an improvement in both tangible and intangible designs will be seen. Using a participatory design process, this study successfully improved the facilities and arrangement planning of an outdoor space. At the same time, it also enhanced the interest and participation of children in the process of creating the kind of school they desire. The significance of this study is that it has suggested an effective model to reflect the demands of children, the true users of the outdoor space, and the results were actually applied to elementary school outdoor planning and designing. This study enhanced the awareness of school members in the process of building the school's outdoor space.

• Journal of Preventive Medicine and Public Health
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• v.16 no.1
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• pp.135-152
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• 1983

Emergency medical service is an important part of the health care delivery system, and the optimal allocation of resources and their efficient utilization are essentially demanded. Since these conditions are the prerequisite to prompt treatment which, in turn, will be crucial for life saving and in reducing the undesirable sequelae of the event. This study, taking the hyperbaric chamber for carbon monoxide poisoning as an example, is to develop a stochastic approach for solving the problems of optimal allocation of such emergency medical facility in Korea. The hyperbaric chamber, in Korea, is used almost exclusively for the treatment of acute carbon monoxide poisoning, most of which occur at home, since the coal briquette is used as domestic fuel by 69.6 per cent of the Korean population. The annual incidence rate of the comatous and fatal carbon monoxide poisoning is estimated at 45.5 per 10,000 of coal briquette-using population. It offers a serious public health problem and occupies a large portion of the emergency outpatients, especially in the winter season. The requirement of hyperbaric chambers can be calculated by setting the level of the annual queueing rate, which is here defined as the proportion of the annual number of the queued patients among the annual number of the total patients. The rate is determined by the size of the coal briquette-using population which generate a certain number of carbon monoxide poisoning patients in terms of the annual incidence rate, and the number of hyperbaric chambers per hospital to which the patients are sent, assuming that there is no referral of the patients among hospitals. The queueing occurs due to the conflicting events of the 'arrival' of the patients and the 'service' of the hyperbaric chambers. Here, we can assume that the length of the service time of hyperbaric chambers is fixed at sixty minutes, and the service discipline is based on 'first come, first served'. The arrival pattern of the carbon monoxide poisoning is relatively unique, because it usually occurs while the people are in bed. Diurnal variation of the carbon monoxide poisoning can hardly be formulated mathematically, so empirical cumulative distribution of the probability of the hourly arrival of the patients was used for Monte Carlo simulation to calculate the probability of queueing by the number of the patients per day, for the cases of one, two or three hyperbaric chambers assumed to be available per hospital. Incidence of the carbon monoxide poisoning also has strong seasonal variation, because of the four distinctive seasons in Korea. So the number of the patients per day could not be assumed to be distributed according to the Poisson distribution. Testing the fitness of various distributions of rare event, it turned out to be that the daily distribution of the carbon monoxide poisoning fits well to the Polya-Eggenberger distribution. With this model, we could forecast the number of the poisonings per day by the size of the coal-briquette using population. By combining the probability of queueing by the number of patients per day, and the probability of the number of patients per day in a year, we can estimate the number of the queued patients and the number of the patients in a year by the number of hyperbaric chamber per hospital and by the size of coal briquette-using population. Setting 5 per cent as the annual queueing rate, the required number of hyperbaric chambers was calculated for each province and for the whole country, in the cases of 25, 50, 75 and 100 per cent of the treatment rate which stand for the rate of the patients treated by hyperbaric chamber among the patients who are to be treated. Findings of the study were as follows. 1. Probability of the number of patients per day follows Polya-Eggenberger distribution. $$P(X=\gamma)=\frac{\Pi\limits_{k=1}^\gamma[m+(K-1)\times10.86]}{\gamma!}\times11.86^{-{(\frac{m}{10.86}+\gamma)}}$$ when$${\gamma}=1,2,...,n$$$$P(X=0)=11.86^{-(m/10.86)}$$ when $${\gamma}=0$$ Hourly arrival pattern of the patients turned out to be bimodal, the large peak was observed in $7 : 00{\sim}8 : 00$ a.m., and the small peak in $11 : 00{\sim}12 : 00$ p.m. 2. In the cases of only one or two hyperbaric chambers installed per hospital, the annual queueing rate will be at the level of more than 5 per cent. Only in case of three chambers, however, the rate will reach 5 per cent when the average number of the patients per day is 0.481. 3. According to the results above, a hospital equipped with three hyperbaric chambers will be able to serve 166,485, 83,242, 55,495 and 41,620 of population, when the treatmet rate are 25, 50, 75 and 100 per cent. 4. The required number of hyperbaric chambers are estimated at 483, 963, 1,441 and 1,923 when the treatment rate are taken as 25, 50, 75 and 100 per cent. Therefore, the shortage are respectively turned out to be 312, 791. 1,270 and 1,752. The author believes that the methodology developed in this study will also be applicable to the problems of resource allocation for the other kinds of the emergency medical facilities.

• Journal of Korean Classical Literature and Education
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• no.38
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• pp.175-200
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• 2018

From the point of view of the law and public morals in Yi-dynasty, it is possible to discover new meanings in the love of Chunhyang and Mongryong-Lee, the conflicts between Chunhyang and Hakdo-Byeon, and the rescue of Chunhyang by Mongryong-Lee as a secret royal inspector. First, although the love of Chunhyang and Mongryong-Lee was against the law and public morals of Yi-dynasty, the narrator did not call to account, but he described the love as a romantic and new one conflicting with the ruling system. And it was an unprecedented case that Chunhyang asked a written contract as a legal guarantee for marriage when Mongryong-Lee courted her. Second, Hakdo-Byeon, the Namwon county governor, accused Chunhyang, a female entertainer of the Namwon county, of disobedience to his oder and contempt of him, and interrogated her with torture when she denied his demand for bed service which was prohibited by law. Chunhyang refuted against him and regarded his demand for bed service as the rape of a married woman. In this process, narrator sharply contrasted Chunhyang's claim for human rights with Hakdo-Byeon's legal administration. Characters such as people of Namwon county and king did not call Mongryong-Lee to account for that he, as a secret royal inspector, allegedly used his power privately to rescue his sweetheart Chunhyang from Hakdo-Byeon's illegal oppression. These different judgements on legal administrations of Hakdo-Byeon and Mongryong-Lee came from the legal emotion of characters and reading publics of . Namely, people who sympathized with Chunhyang's claim for love and human rights had the legal emotion that Mongryong-Lee's administrative order suspending Hakdo-Byeon's govenor's status could be approved as an legal and exciting one. Therefore the love of Chunhyang and Mongryong-Lee implied a new legal emotion which based on the sympathy with Chunhyang's human rights consciousness, and regarded the positive law of Yi - dynasty as one behind times.